Web 3 marks a new Internet era built on decentralization, where users have control over their data. This Web 3 is based on the latest technology, like digital money and blockchain. User can share their data safely. Web 3 is primarily used for Decentralized Finance (DeFi), Non-Fungible Tokens (NFTs), Decentralized Autonomous Organizations (DAOs), Data Ownership and Privacy, Smart Contracts, Decentralized Applications (DApps), and Censorship-Resistant Communication.
What is Web 3?
Web 3 (web 3.0) is a new version of the Internet that mainly focuses on user ownership, decentralization, and blockchain technology.
- Web 1.0 (1990- early 2000): These are read-only websites. Static websites. You can’t do interactions.
- Web 2.0 (2000s- present): There are centralized platforms like Google, Facebook, etc. Interactive apps that you can read and write on the websites.
- Web 3.0: Built on decentralized technologies, Users own their data and read-write their websites.
How Does Web 3 Work?
Web 3 operates on cryptographic technologies, blockchains, and smart contracts.
- Digital Identity: All users can control their identity with wallets like MetaMask.
- Smart Contracts: Cide executes itself on the blockchain (like Ethereum).
- Decentralized Storage: Services like IPFS or Filecoin save the data on many connected computers.
- Blockchain: A shared system that stores data safely without any single authority.
- Cryptocurrency: People use digital tokens like ETH and SOL to buy, vote, or get rewarded
The Future of Web 3
In Web 3, all users can control their identity, content, and all digital things, like NFTs. Also, anyone can create apps or any tools without getting permission from any big companies. Everything is open and safe; anyone can see all transactions and codes.
Web3 Basics: What You Should Know
1. NFTs (Non-Fungible Tokens):- Create and sell proof of ownership on digital things like music, videos, art, and other digital assets.
2. DeFi (Decentralized Finance):- Baking, loans, and investment services are directly from one user to another without involving a bank.
3. Censorship-Resistant Communication:- Sharing and Messaging without censorship from companies and governments.
4. DID (Decentralized Identity):- Self-owned digital identity without relying on third-party platforms.
Examples of Web 3 Apps (DApps)
Wallets & Identity
- ENS (Ethereum Name Service)- Humans can easily read the names of wallet addresses.
- MetaMask- Web 3 – crypto wallet browser extension.
Gaming
- Decentraland- A user can explore, build, and trade in the virtual world built on the blockchain.
- Axie Infinity- Players can earn money by playing this blockchain-based game.
Storage
- Filecoin- A blockchain-based network that rewards users for providing storage.
- IPFS- A decentralized system that stores and shares files.
NFTs & Creators
- Foundation- NFT platform for digital creators like music, art, videos, or other assets.
- OpenSea – A well-known marketplace for digital goods and non-fungible tokens.
Finance (DeFi)
- Aave- A protocol for crypto lending and borrowing.
- Uniswap– A blockchain-based platform for decentralized token trading.
Web 3-Based Platforms and Software
- Chainlink
- Solana
- Ethereum
- Polkadot
- Arweave
Centralization vs. Decentralization
FeatureWeb 2.0Web 3.0
Ownership Data controlled by companies Users control data via wallets
Hosting Centralized servers, Distributed nodes
Monetization, advertising, user data, Tokens, and smart contracts
Identity, Email, or social media login, Blockchain wallet (MetaMask)
Next for Web 3?
- AI + Web 3 – Artificial intelligence and Web 3 promise decentralized AI that secures user privacy and gives people data ownership.
- Decentralized Social Media – New platforms like Farcaster and Lens Protocol make networks where users can control their content and data.
- Mainstream Adoption – Web 3 needs to improve user experience and provide clearer education for everyday users.
- Cross-Chain Integration – Web 3 mainly aims for blockchains to connect and work together smoothly.
Web3 Overview
CategoryOverview
Key Principle: Distributed control and user-owned data
Technology Stack: Crypto networks, innovative protocols, and decentralized ledgers
Popular Platforms Examples include DEXs like Uniswap, NFT hubs like OpenSea, and tools like MetaMask, IPFS
Emerging Directions: Cross-network compatibility, legal clarity, and user-friendly design
Ongoing Hurdles: Network speed, policy challenges, and mass user onboarding